The ‘victim’ currencies are chiefly those thought to be most at risk of a slowdown, or even reversal, in terms of foreign capital inflows, once major central banks (chiefly the Fed) start turning off the cheap money taps. The minutes from the Fed’s most recent meeting, due to land at 6:00 p.m. GMT today, should shed more light on when this is likely to happen. Clearly, the market is not expecting it to say “haha, had you fooled, we were only joking about that whole taper business”. Read More »